Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Shares snap two sessions of gains

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STOCKS NEWS SINGAPORE-Shares snap two sessions of gains Jun 13th 2012, 04:54 Wed Jun 13, 2012 12:54am EDT Singapore's main index fell at midday, snapping two straight sessions of gains, on profit booking and concerns over Spain's banking sector and that country's soaring bond yields. Spain's 10-year bond yield on Tuesday rose to 6.86 percent, surpassing peaks seen in November last year to mark its highest since the 1999 launch of the euro. At 0445 GMT, the benchmark Straits Times Index was down 0.4 percent at 2,784.90, recovering from an intraday low of 2,776.02. Singapore shares underperformed other Asian bourses, as traders said investors were booking profits after its outperformance on Tuesday, when it rose 0.3 percent against the MSCI Asia-Pacific Ex Japan's 0.3 percent loss. " Singapore rebounded quite nicely yesterday. So today, what we're seeing is probably some profit-taking because the outlook is still very short-term," said Carey Wong, an investment analyst at OCBC Investment Research. He added that investors are likely to stay cautious ahead of the Greek elections on June 17. Property developer CapitaLand Ltd was one of the biggest losers on the index, falling 1.8 percent, while Singapore Exchange dropped 1.3 percent. 1224 (0424 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com) ************************************************************ 10:47 STOCKS NEWS SINGAPORE-CIMB ups Frasers Centrepoint Trust target CIMB raised its target price on Frasers Centrepoint Trust to S$1.78 from S$1.75 and kept its outperform rating, citing interest cost savings due to refinancing. Units of Frasers Centrepoint were up 0.3 percent at S$1.60 at 0239 GMT and have risen around 14 percent so far this year. Frasers Centrepoint on Monday issued two new multi-currency medium-term notes worth S$70 million at 2.3 percent and S$30 million at 2.85 percent, due at 2015 and 2017 respectively. CIMB said it expects part of the proceeds to be channelled towards refinancing the firm's S$75 million multi-term note due in fiscal 2012. Interest cost savings are an estimated 2 percent of distribution per unit for fiscal 2013, it added. It expects the remaining S$25 million to be used in funding an impending rights issue by Hektar Real Estate Investment Trust to fund the acquisition of two retail assets in Malaysia. Frasers Centrepoint owns 31 percent of Hektar REIT. For company statement, click 1039 (0239 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com) ************************************************************ 10:35 STOCKS NEWS SINGAPORE-Olam share buyback may not benefit-Maybank Commodity trading firm Olam International Ltd's share buyback may not benefit shareholders, as it is highly leveraged, said Maybank Kim Eng. Olam's shares fell 1.4 percent to S$1.78, but have jumped about 10 percent since the company announced its share buyback programme on June 8. They have lost about 16 percent since the start of the year, versus the Straits Times Index's 5 percent gain. "While such a move is usually a positive sign, the circumstances for Olam seem rather unusual. Other than to deter the short sellers, we do not think it is necessarily an enhancive step for shareholders," said Maybank in a report. The case for share buyback is stronger for companies with large idle cash positions, but Olam has a net gearing of 189 percent, Maybank said. The brokerage has a sell rating on Olam shares with a target price of S$1.43. 1017 (0217 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 9:46 STOCKS NEWS SINGAPORE-Orchard Parade up on asset spin-off plan Shares of hotel and property group Orchard Parade Holdings Ltd jumped as much as 17 percent to their highest level in more than four years, after the company said it will divest three of its hospitality assets into a trust. By 0119 GMT, Orchard Parade shares were 15.4 percent up at S$1.875, and have surged about 46.5 percent since the start of the year. DMG & Partners initiated coverage of Orchard Parade, the hospitality arm of property developer Far East Organisation, with a 'buy' rating and target price of S$2.23. "Spinning off its hospitality assets into a real estate investment trust will enable the group to monetise its hotels at a good valuation and create a platform for sustainable growth," DMG said in a report. Far East also has another five hotels and several serviced residences which it could inject into the hospitality trust, DMG said, adding that Orchard Parade could also sell its 49.5 percent stake in Yeo Hiap Seng Ltd, a non-core investment, generating more capital to be redeployed into the property business. For related statement click 0921 (0121 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 8:40 STOCKS NEWS SINGAPORE-Index futures down 0.2 pct Singapore index futures fell 0.2 percent, indicating the benchmark Straits Times Index may open down. Asian shares rose on Wednesday, following gains in European and U.S. markets where bargain hunters bought beaten down stocks, but markets remained vulnerable to the euro zone's debt woes as Spanish yields hit record highs on worries over banks. For related story click 0839 (0039 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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